Mixed-Use Property with Retail
For Sale
$339,900
6399 Germantown Rd, Middletown, OH
Fully occupied property combines commercial space, residential apartments, and accessory structures along a high-traffic roadway.
Property Size6,516 SF
Lot Size1.95 Acres
Price / SF$52.16
Days on Market23
Property Features for 6399 Germantown Rd
General Information
Standard status
Active
Size
6,516 SF
Lot size
1.95 Acres
Property subtype
Residential Income
Occupancy
100%
Building Details
Tenancy
Multi
Listing Agency:
eXp Realty
(866) 212-4991
Listed By:
Andrew Gaydosh · License #2001008598
(937) 305-9570
Source:
Exprealty
Added: Aug 14
Changed: Sep 5
Last Checked: Sep 4 at 1:34PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of eXp Realty
Investment Insights
Based on property information with market context.
This mixed-use property in Middletown, Ohio, spans 1.948 acres and includes approximately 1,080 square feet of retail space, three residential apartments, a detached garage, and a pole barn used for storage. The combination of commercial and residential components creates a varied physical configuration within one property.
Located at 6399 Germantown Rd, the property fronts a high-traffic roadway, supporting visibility for the retail component. The property is fully occupied, with established tenants across its commercial and residential spaces. The detached garage and storage pole barn add additional utility to the site.
Located at 6399 Germantown Rd, the property fronts a high-traffic roadway, supporting visibility for the retail component. The property is fully occupied, with established tenants across its commercial and residential spaces. The detached garage and storage pole barn add additional utility to the site.
Key Highlights
- 1.948‑acre mixed‑use property in Middletown, OH
- Approximately 1,080 square feet of retail space
- Three residential apartments
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$27,665
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.14%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$553,300
$553.3K
Cap Rate 7%
$395,214
$395.2K
Cap Rate 9%
$307,389
$307.4K
Market Conditions
NOI Build-Up for 6,516 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$42.2K $6.48/SF
− Vacancy
−$2.7K −$0.41/SF
EGI
$39.5K $6.07/SF
− OpEx
−$11.9K −$1.82/SF
NOI
$27.7K $4.25/SF
Area
Butler County, OH
Vacancy
6.40%
Lease Rate
$6.48 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$553,300
Cap Rate 7%
$395,214
Cap Rate 9%
$307,389
Alternative Uses
Best Use
Multifamily LT 5
$907.8K
$794.3K – $1.06M
NOI $63,547 @ 7.0% cap · market cap 18.70%
Second Best
Apartment 5plus
$835.4K
$731.0K – $974.6K
NOI $58,477 @ 7.0% cap · market cap 17.20%
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,184 @ 7.0% cap · market cap 26.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
855
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully occupied property combines commercial space, residential apartments, and accessory structures along a high-traffic roadway.
Where is this mixed-use property located?
The property is located at 6399 Germantown Rd Middletown, OH.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: 1.948‑acre mixed‑use property in Middletown, OH; Approximately 1,080 square feet of retail space; Three residential apartments
